Exploration

The Grand Bois property covers an area of 50 square kilometers of mineral rights located 28 kilometers southwest of the port city of Cap Haitien, in northern Haiti, and is entirely surrounded by EMX exploration licenses. The property is situated in mountainous terrain adjacent to National Highway #1 that connects Cap Haitien and the capital city of Port Au Prince. Prior to EMX's acquisition, the Grand Bois property was held by SMC, a Haitian private corporation, through a Mining Convention issued by the Bureau of Mines and Energy, Republic of Haiti. The Mining Convention essentially establishes a mining permit that is subject to terms and conditions of Haiti's mining law.


HISTORIC EXPLORATION RESULTS
The Grand Bois gold mineralization is was initially recognized by Kennecott Exploration in 1975. The gold zone is near-surface, oxidized, and open for extension. The property has undergone historic exploration, including four drill campaigns totaling more than 7500 meters. A summary of the historic exploration work includes:


The Grand Bois gold deposit is located on the top and flank of a hill (elevations range from 580-720 m), that would have a favorable stripping ratio for a potential open-pit operation. The base of oxidation extends to a maximum depth of 90 meters. The deposit as currently defined is roughly circular in outline, with dimensions of 300 by 350 meters, and consists of a poorly consolidated tabular body of mineralized and oxidized volcanic rock with an average thickness of approximately 20 meters. A limited number of historic drill holes that extended below the oxide gold zone intersected significant copper mineralization, including 0.62% copper over 53.5 meters (64.9-118.4 m, hole DDH-1). The copper mineralization may be related to a porphyry system, and provides further upside exploration potential to the property.

EMX DRILL RESULTS

In 2009 Newmont and EMX initiated a seventeen hole 2,231 meter diamond drilling program at Grand Bois. This drilling program was designed to confirm previous drill results from the historic, non-NI 43-101 compliant gold resource area, test geochemical anomalies peripheral to the historic resource area, and assess the Rivage Ridge zone located approximately 750 meters southwest of the resource area. Assay results from this program have been reported in Company news releases dated 12/9/2009 and 3/8/2010.

Drill results for the 2009 season are summarized in the table below.

Hole ID	TD	From (m)	To (m)	Length (m)	Au g/t	Cu %	Oxidation	Comments
GBDH-001	248.4	88	99	11	-	0.16	sulfide	Rivage Ridge: (89% recovery)
GBDH-001.1	15.24	anomalous gold & copper					oxide	Rivage Ridge: 10.7 m @ 0.21 g/t Au and 459 ppm Cu. Shallow re-drill. (36% recovery)*
GBDH-002	146.8	anomalous copper					Sulfide & mixed	Resource periphery: 30.4 m of Cu averaging 212 ppm in 3 separate zones.
GBDH-003	151.5	anomalous copper					Sulfide & mixed	Resource periphery: 48% of the drill intervals assay > 100 ppm Cu.
GBDH-004	181.4	0	21	21	1.15	-	oxide	Resource area.  95% of the hole was anomalous in Cu.
		33.53	134.11	100.58	-	0.56	sulfide
		167.69	173.74	14.78	-	0.32	sulfide
GBDH-005	150.6	0	19.81	19.81	0.68	-	Oxide &  mixed	Resource area. 77% of samples >100 ppm Cu.
GBDH-006	164.9	13.9	24.2	10.3	-	0.24	Sulfide & mixed	Resource periphery. 73% of hole >100 ppm Cu.
GBDH-007	349	111.25	117.35	6.1	0.4	0.63	sulfide	Resource periphery. 49% of hole >100 ppm Cu.
GBDH-008	89.9	1.5	79.2	77.7	4.28	0.21	Oxide & sulfide	Resource area. Entire hole with elevated Au & Cu.  Hole terminated with 1.6% Cu interval.
Including		3	15	12	20.24	-	oxide
Including w/ overlap		59.4	89.92	30.52	-	0.78	sulfide
GBDH-009	24.38	3	24.4	21.4	10.19	-	Oxide & mixed	Resource area:  (58% recovery)*
Including		3	13.9	10.9	18.08	-	oxide	Note: includes 2 high grade intervals of 0.3m @ 80 g/t and 0.7m @ 52.3 g/t Au.
GBDH-010	80.8	0	30.4	30.4	6.76	-	oxide	Resource area. Also 98.46 g/t Ag. 68% of the hole >100 ppm Cu.
GBDH-011	30.6	2.2	30.6	28.4	20.45	-	oxide	Resource area: (57% recovery)*
Including		3.3	14.7	11.4	47.63	-	oxide	Note: includes three high grade intervals of 0.8m @ 138.1 g/t, 1m @ 84.7 g/t, and 1.1m @ 209.2 g/t Au.
GBDH-012	156.7	anomalous copper (0-67.1m)					Oxide & sulfide	Rivage Ridge.
GBDH-013	147.8	anomalous gold (0-13.1m) & copper (0-140.2m)					Oxide & sulfide	Rivage Ridge.
GBDH-014	126.5	anomalous gold (10.7-21.3m) & copper (0-125m)					Oxide & sulfide	Rivage Ridge.
GBDH-015	135.6	anomalous gold (3-21.3 m) & copper(0-134.3m)					Oxide & sulfide	Rivage Ridge.
GBDH-016	30.5	0	20	20	3.15	-	Oxide & sulfide	Resource area. Anomalous Cu throughout hole.

Significant intervals are reported for gold at a 0.3 g/t cutoff and for copper at a 0.1% cutoff over a minimum length of 6 meters. Anomalous gold > 0.1 g/t and anomalous copper > 100 ppm.

Historic resource area: Assay results for a total seven holes in the historic resource area either confirm or increase the tenor and thickness of the gold zone as defined by the historic drilling. Furthermore, EMX's drill holes consistently intersected chalcocite, covellite and chalcopyrite in a sulfide copper zone beneath the oxide gold horizon. The copper zone remains open for expansion in all directions.

GBDH-004 was angle drilled to test the eastern edge of the historic resource area, and contained an oxide gold intercept starting from surface of 21 meters averaging 1.15 g/t gold. This hole also intersected a copper zone below the gold zone from 33.53 to 134.11 meters returning a 100.58 meter zone of averaging 0.56% copper.

GBDH-005 was drilled in the northern resource area between historic drill holes GBS-X4 (6m @ 0.46 g/t Au) and GBS-X10 (6.0m @ 0.99 g/t Au), and intersected thicker oxide gold mineralization of 19.8 meters (0-19.8m) averaging 0.68 g/t gold. Seventy-seven percent of the drill hole (116.2m from a total 150.57m) intersected anomalous copper mineralization (>100 ppm Cu) beneath the gold zone.

GBDH-008 is located at the southeast margin of the historic resource area, and intersected 77.7 meters averaging 4.28 g/t gold and 20.96 g/t silver, including a shallow (3-15m) oxide subinterval of 12 meters averaging 20.24 g/t gold and 94.81 g/t silver. Core recoveries in the high-grade, oxide subinterval were poor (i.e., as low as 38%). Due to these poor recoveries, GBDH-008 was offset and re-drilled by previously reported shallow holes GBDH-009 (TD=24.38m, 21.4m @ 10.19 g/t gold and 64.89 g/t silver) and GBDH-011 (TD=30.6m, 28.4m @ 20.45 g/t gold and 63.2 g/t silver). These three EMX core holes consistently intersected near-surface, oxide, high-grade gold-silver mineralization. Further, GBDH-008 (TD=89.92m) extends the gold mineralized zone to a depth of 79.2 meters. A zone of copper mineralization overlaps the deeper gold mineralization in the drill hole from 59.4 to 89.92 meters, averaging 0.78% copper over 30.52 meters. The hole ended in mineralization (1.6% copper).

GBDH-009 and -011 were short, twinned vertical holes that tested a northwest trending gold zone originally defined by historic UN drilling. GBDH-009 returned 21.4 meters averaging 10.19 g/t gold and 64.89 g/t silver, including a sub-interval of 10.9 meters averaging 18.08 g/t gold and 101.8 g/t silver. GBDH-011 reported 28.4 m averaging 20.45 g/t gold and 63.2 g/t silver, including a subinterval of 11.4 meters averaging 47.63 g/t gold and 127.1 g/t silver. These twin hole results are reasonably consistent for both the grade and thickness of the gold zone. Historic UN drill results from two vertical drill holes within ten meters of the EMX-NEM holes include DDH-01 with 24.3 meters averaging 2.55 g/t gold and GBS-A11 with 25.0 meters averaging 5.06 g/t gold.

GBDH-010 was collared in the center of the historic resource area to twin historic drill hole GBS-D6 (49.0m @ 5.56 g/t gold), and intersected 30.4 meters at 5.32 g/t gold and 98.46 g/t silver.

GBDH-016 was a short, vertical drill hole located adjacent to historic drill holes GBS-B4 (22m @ 5.43 g/t gold) and DDH-2 (27.8m @ 1.46 g/t gold), and starting at surface intersected 20.0 meters of oxide gold at 3.15 g/t, and beneath it 9.21 meters of 0.21% copper.

Zones peripheral to the resource area: A series of four drill holes were located peripheral to the historic resource area to test surface trench results and gold-in-soil anomalies (> 0.1 g/t Au). Drill hole GBDH-007, located southeast of the historic resource area, intersected 18.3 meters of anomalous copper starting at surface, with a deeper interval (111.25-117.35m) of 6.1 meters averaging 0.40 g/t gold and 0.63% copper. Below this, 61% of the intervals are anomalous in copper. Results for the other three holes (GBDH-002,-003,-006) intersected anomalous copper mineralization to the northwest, west, and southwest of the historic resource area. Together these four peripheral drill holes have identified an open-ended 600 by 500 meter copper target.

Rivage Ridge zone: Five holes were drilled to test northwest trending gold-in-soil anomalies (> 0.1 g/t Au) over Rivage Ridge. GBDH-001 and shallow re-drill GBDH-001.1 intersected a copper zone underlying a strongly anomalous gold-copper oxide zone at surface intersected by GBDH-001.1. Results for GBDH-012 through -015 include intersections of anomalous copper over a 500 (north-south) by 200 (east-west) area. GBDH-013, GBDH-014 and GBDH-15 also intersected surface, or near-surface, anomalous gold mineralization

DISTRICT SCALE EXPLORATION TARGETS

The Grand Bois gold deposit area is located in the northern half of a polymetallic mineral district which covers roughly 24 square kilometers, and contains 46 prospective gold-silver, copper, zinc and lead mineral occurrences. Select historic rock sample assay results from massive barite, barite-sulfide, sulfide, and quartz-sulfide mineralization collected from Grand Bois mineral prospects contain up to 27 g/t gold, 627 g/t silver, 30.2% copper, 2.25% lead, and 23.9% zinc (Louca, 1989).


Riviere Brunette Copper Anomaly. Soil sampling in the Riviere Brunette area, located immediately northwest of the Grand Bois deposit, delineated a robust 1.8 by 1.1 kilometer copper-in-soil anomaly. The anomaly is characterized by 183 soil samples, of which 82% assayed greater than 250 ppm copper. Thirty-six percent of the samples are greater than 500 ppm copper, and there is a higher grade core defined by 11% of the samples that assayed greater than 1000 ppm (0.1%) copper. The zone of anomalous copper mineralization, as defined at surface, remains open to the northeast and west.

The Riviere Brunette copper anomaly is 100 to 400 meters down slope from the ridge hosting the Grand Bois deposit. The drilling at Grand Bois consistently intersected a 20 to 30 meter oxide gold zone overlying sulfide copper mineralization. The copper mineralization typically extends to depths of over 100 meters, and many of the holes in the historic resource area ended with anomalous copper grades. Dense vegetation and rare outcrops make an evaluation difficult, but the lateral and vertical relationships between Grand Bois and Riviere Brunette suggest that they are both part of a larger copper mineralized system.

The Rivage Ridge area is also characterized by copper mineralized drill intercepts, as well as anomalous copper soil geochemistry. Anomalous copper mineralization from rock samples (500 ppm to >1000 ppm Cu) occurs in drainages to the west of Riviere Brunette and Rivage Ridge, to the south of Rivage Ridge and Grand Bois, and to the east of Grand Bois. Further mapping and sampling are planned to fully evaluate this 7.5 square kilometer area of copper mineralization.


DEAL TERMS AND DESIGNATED PROJECT STATUS
EMX, through its Haitian subsidiary Ayiti Gold Company S. A., purchased 100% interest in the Grand Bois property from SMC, subject to making the payments as outlined below under the Purchase Agreement (the "Agreement") (all amounts are US dollars unless noted otherwise):

• EMX paid SMC $1,000,000 subject to certain deductions required to maintain the property in good standing.
• On the first anniversary of the Agreement, EMX has the option to pay SMC the equivalent of $1,000,000 as follows: $750,000 in cash or EMX stock and $250,000 in cash.
• Upon completion of a feasibility study, EMX has the option to pay SMC the equivalent of $3,000,000 in either EMX stock or cash, or any combination thereof.
• SMC retains a 20% net profits interest. EMX has the option at any time to purchase SMC's net profits interest for $15,000,000.

The Agreement to acquire the Grand Bois property from SMC is subject to EMX's Strategic Venture Agreement with Newmont (see Company news release dated April 28, 2008). Newmont has elected to include the Grand Bois property in a "Designated Project" venture, and work on the property will be governed by a Designated Projects Joint Venture Agreement. Newmont is responsible for all expenditures on the project until such time as it earns its interest.

Newmont can earn 65% interest in the Property by choosing to either (all amounts are US dollars unless noted otherwise):

• Fund 100% of the initial $10 million expenditures on the project within 6 years, or
• Complete a positive feasibility study on the property within the first six years.

Newmont has reimbursed EMX for the initial $1,000,000 payment to SMC (subject to deductions). EMX will be responsible to make the second $1,000,000 payment on the first anniversary of the Agreement. If Newmont continues to work towards its earn-in after the second anniversary of the Agreement, then Newmont will reimburse EMX for this second $1,000,000 payment. After Newmont earns 65% interest in the project, EMX has 120 days to elect one of three options: a) fund its proportionate share of expenditures for the program; b) let Newmont fund EMX's share of expenditures to production in exchange for receiving an additional 5% interest in the project up to 70%; or c) convert its 35% interest to a 3.5% NSR royalty and receive annual $1,000,000 advance minimum royalty payments.

The Grand Bois property hosts a historic non-NI 43-101 compliant gold resource with potential for expansion and a possible copper-gold porphyry system at depth. EMX and Newmont plan an aggressive program of surface exploration and drilling to evaluate the district scale potential of the system and to test additional targets.